AG 2006 05 15 - Laserfiche WebLink

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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS, NORTH CAROLINA The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on May 15, 2006, with , Chairman, presiding. The following Commissioners were: PRESENT: ABSENT: ALSO PRESENT: * * * * * * * * * * RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING FOR LAW ENFORCEMENT FACILITY PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $25,000,000; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING REQUIRED PUBLIC HEARING WHEREAS, the Board of Commissioners desires to undertake a proposed plan of financing in an aggregate principal amount of up to $25,000,000, which plan would involve the entry by the County into one or more installment financing contract(s) with one or more third parties pursuant to North Carolina General Statutes l60A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of acquiring real property, constructing, renovating and equipping law enforcement facilities, various real and personal property improvements related to the foregoing and a portion of the interest to accrue under said one or more installment financing contract(s) during the construction period (collectively the "Project"), and under said one or more installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such one or more installment financing contract( s) by granting a security interest in and lien on all or a portion of the Proj ect; E-I